World Bank seeking new chief by April

Feb 17, 2012, 21:02 GMT

Washington - The World Bank said Friday that it hopes to select a new president to lead the international development lender by the bank's spring meetings, which conclude on April 21.

The bank's executive directors met Friday to discuss the selection of a new leader, after President Robert Zoellick's announcement Wednesday that he would not seek reappointment when his five-year term expires at the end of June.

Under measures approved in 2011, the board said that the presidential selection process should be merit-based and transparent, with all executive directors able to nominate candidates.

The World Bank post has always gone to a US nominee, while the chief of the International Monetary Fund has come from Europe, throughout the history of the Washington-based sister agencies, which were founded following World War II. But that practice is increasingly being challenged by developing countries.

US officials have said that they will nominate a candidate to lead the World Bank.

Christine Lagarde, formerly French finance minister, was appointed IMF managing director last year, after an unprecedented challenge from Mexican central bank chief Agustin Carstens for the leadership of the international crisis lender.

The United States supported Lagarde, while major developing and emerging countries, which have gained voting shares in the two agencies in recent years in recognition of their growing economic influence, were split.

Nominations for the presidential post are due by March 23, the board announced. Finalists will be interviewed by the executive directors 'with the expectation of selecting the new president by consensus by the spring meetings.'